22.01.202016:06 Forex Analysis & Reviews: GBP/USD. January 22. Two correction lines at once provide good opportunities for sales

GBP/USD - 4H.

As seen on the 4-hour chart, the GBP/USD pair performed an increase in the area of the corrective level of 50.0% (1.3094), which I mentioned in yesterday's review. Also, the pair's quotes came close to the previous peak level - 1.3118. In that area, I'm waiting for the quotes to turn down and resume falling. Perhaps immediately, perhaps a little higher and a little later. Just like for the euro, we have a new upward correction line, and in addition to it, a small upward correction line. Fixing quotes below the correction line will work in favor of the US dollar. Closing below the trend line will work in favor of the US dollar. The rebound of the pound-dollar pair from the Fibo level of 50.0% (or 38.2%) will work in favor of the US dollar. I am considering the option of increasing the pair's quotes, however, I believe that there is more chance of a renewed fall in the pound. The information background is neutral for the pair today, no economic reports are listed in the calendar today.

Forecast for GBP/USD and trading recommendations:

The trading idea is still in the sales of the pound. However, this time, I expect a reversal around the level of 1.3094 with a drop of about 100 points down. Or closing under the global correction line and further falling 100-200 points down. Anyway, you need to wait for signals in the form of closing under the correction lines or rebounds from the level of 1.3094 or 1.3139.